Eleven Citigroup Inc (NYSE:C) employees have been fired over alleged accounting fraud with its Mexican subsidiary Oceanografia.
In a memo obtained by the Wall Street Journal, Citigroup Inc (NYSE:C) Chief Executive Officer Michael Corbat said “I expect every one of our colleagues to act with the highest ethical standards and be fully committed to the safety and soundness of our institution.”
Financial impact beyond immediate balance sheet
Corbat notes “the financial impact of this fraud has been significant, causing a reduction of our 2013 net income and increasing our credit costs for the first quarter of 2014,” he...
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